Inflation slowed through much of last year – falling as low as 2.4% from a 40-year high of 9.1% in mid-2022 – but it has remained stubbornly high since fall. The cost of services such as car insurance, auto repairs and health care have continued to rise in part because of the delayed effects of pandemic-related vehicle shortages or wage increases.

U.S. inflation accelerated last month as the cost of groceries and gasoline rose, a trend that will likely underscore the Federal Reserve’s resolve to delay any further interest rate cuts.